Chainlink price analysis 20/3: Whales Accumulate $18M of $LINK in the Past 2 Weeks, LINK Hovers near $7.30

SNEAK PEEK

• After successfully sustaining the bearish pressure, LINKs have seen a positive revival in prices.
• LINK has gained more than 10% over the past week.
• LINK/USD support is present at the $7.00 level.

After enduring a period of intense sideways movement, the LINK price is making a comeback and appears set to break its recent interim high of $7.89 in short order. Approximately 30 addresses are controlling vast amounts of LINK, which could be attributed to the whales that own nearly 1% of all circulating supply. 

The accumulation of these large whale entities can signify a bullish trend and potentially motivate market participants to buy into LINK in order to capitalize on potential profits.

As the altcoin price continues to rise, savvy whales have begun to take notice. The result has been a surge in new addresses collecting over 2 million LINK tokens worth more than $18.5 million, signaling that an upswing is on the way!

In the last seven days, the crypto market has been flourishing, with Bitcoin’s price rocketing to hit $28,000. This spectacular surge in value caused a ripple effect throughout the entire crypto space that is still ongoing even after a minor correction occurred. Right now, we are seeing strong bullish trends that bode well for continued success.

LINK/USD price analysis

Chainlink’s daily price analysis shows a strong support level at $7.00, which has been breached, and a resistance level of $7.89, which is expected to be broken soon. The altcoin has been trading on an uptrend since the opening of today’s trading session, forming higher highs at every stage.

At the time of writing, LINK/USD is trading at $7.30 and looks set to breach the resistance level soon. If it does so, a return to its weekly high of $8.94 could be on the cards in the near future. 

The technical indicators on all timeframes show a faintly bullish picture, with the MACD, RSI, and CCI all pointing upwards.

In conclusion, LINK/USD appears to be on an uptrend, with whales accumulating millions of dollars’ worth of tokens as a sign of confidence. Technical analysis points to a potential breakout, which means that now is the perfect time for investors to take advantage of this opportunity and get in on LINK’s rally. Bulls are defending the key support at the Fibonacci level of $7.00, so it is unlikely that the trend will reverse any time soon.

 
Disclaimer:Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/chainlink-price-analysis-20-3/